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Board of Lumax Industries approves setting up manufacturing unit at Sanand

Capital Market 

At meeting held on 26 March 2021

The Board of Lumax Industries at its meeting held on 26 March 2021 has approved the capital expenditure of up to Rs 80 crore for setting up of the Company's new manufacturing unit(s) in Sanand, Gujarat to cater to the orders received from MG Motors and Other customers. The total Capex will be funded by mix of Debt and internal accruals and peak annualized turnover is expected to be approximately Rs 150 crs post commissioning. The project is expected to be operational by Q3 FY 22.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Sat, March 27 2021. 11:24 IST